According to Fact.MR’s (a market research and competitive intelligence provider) recently released report on flat glass coatings, the global market is poised to be worth US$ 2.16 Bn in 2022, and surge ahead at a CAGR of roughly 20.2% from 2022 to 2032. Increased demand for flat glass coatings from the solar power generation, mirror manufacturing, and automobile manufacturing industries is majorly driving market expansion.
There has been growing demand for smart mirrors, which, in turn, would require innovative glass coatings to go in sync with smart mirror coating requirements. Additionally, growing demand for sustainable energy, reduced carbon footprint, and favorable government regulations aimed at lowering fossil fuel usage are expected to move the solar power sector forward. As these coatings improve the overall efficiency and life of solar panels, demand is poised to grow at a rapid pace over the decade.
Flat glass coatings in solar projects are expected to be in high demand in the solar module manufacturing industry. Solar panels are becoming more popular as people become highly aware of sustainable energy sources. Besides, nano coatings are expected to become more popular in automotive applications as manufacturers continue to target end users and develop custom products suited to clients’ requirements.
Key Takeaways from Market Study
- By resin type, polyurethane flat glass coatings are projected to provide an absolute $ opportunity worth US$ 6.16 Bn over the forecast period of 2022-2032.
- By product type, solvent based coatings accounted for 54.7% market share in 2022.
- Among the applications, demand for mirror coatings is anticipated to expand around 8.2X in market value by 2032.
- Architectural coatings are poised to create an absolute $ opportunity worth US$ 1.49 Bn by 2032.
- North America is set to hold around 28.3% share in the global flat glass coatings market by 2032.
- Europe is predicted to provide an absolute dollar opportunity worth US$ 2.62 Bn by 2032.
“North America has remained the primary consumer of flat glass coatings, and the U.S. leads from the front, with the developing automobile and construction sectors remaining vital contributors,” says a Fact.MR analyst.
A vital strategy for flat glass coating suppliers has been to set up manufacturing facilities in high-potential locations and invest in the research and development of innovative coatings that are customized to the requirements of end users.
Manufacturers should obviously increase their production capacity, and, as a result, aim to offer innovative products that are tailored to the custom needs of end users, with focus on sustainability. Additionally, collaborations with end users should remain a vital strategy for manufacturers, as they would become aware of the needs of consumers, and, in turn, develop application-specific products, thereby catering to diverse customers across geographies.
More Valuable Insights On Offer
Fact.MR, in its new offering, presents an unbiased analysis of the flat glass coatings market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of resin (polyurethane, epoxy, acrylic, other resins), product type (solvent-based, water-based, nano coatings), and application (mirror coatings, solar power, architectural, automotive, other applications), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals and Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Chemical and Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.